Local streaming service iflix, whose HQ is based in Kuala Lumpur, has been struggling to compete with the likes of other streaming giants like Netflix. It was reported last month that iflix was looking for potential buyers to avoid succumbing to debt. Now it looks like they finally have new owners in the form of Chinese mega-corporation Tencent.

Earlier today, Lowyat.net discovered that the listed parent company’s name for the Google Play and Apple App Store versions of the iflix app now is now Ren Feng Media Tech Inc. To those unfamiliar, it is apparently a mobile app company under Tencent Holdings.

In 2018, iflix reported a net loss of US$158.1 million (or roughly RM675 million), and a negative working capital of US$77.7 million (or roughly RM331 million) the following year in 2019. This move will likely be beneficial to Tencent, who now have their hooks in a streaming site to develop and expand worldwide.

Still, it remains to be seen how iflix will grow moving forward, considering that it was previously home to many local works and productions, granting it a unique local flavour. However, Netflix Malaysia has since been claiming that mantle, so iflix will have to try and keep up or change tactics.